Caps
and closures form a crucial segment of the packaging industry. Their
primary usage is to protect a product within its holding container
and to extend its shelf life. The two primary raw materials used in
the global caps and closures market are metal and plastic. The global
caps and closures market also makes use of other raw materials such
as paper, wood, and glass.
The
global
caps and closures market is growing at a CAGR of 5.2% from 2015
to 2021. The market’s value at the end of 2014 was US$36.23 bn. By
the end of 2021, the global caps and closures market is expected to
reach US$51.57 bn. According to volume, the global caps and closures
market is growing at a CAGR of 3.5% from 2015 to 2021, going from a
2014 volume of 1,345.2 bn units to a predicted 1,702.1 bn units in
2021.
Latin
America the Fastest-Growing Region in Global Caps and Closures Market
In
terms of revenue, the Latin America caps and closures market for food
and beverages is expected to grow at a CAGR of 7.1% from 2015 to
2021. The same market is expected to show a CAGR of 6.1% for volume
in the same forecast period. It is the fastest growing regional
segment of the global caps and closures market. Within Latin America,
Brazil is the fastest growing national caps and closures market. The
key growth driver for the Latin America caps and closures market for
F&B is the increasing consumption of packaged soft drinks,
alcoholic drinks, and bottled water. The increase in consumption of
carbonated water and soft drinks is especially predicted to be a
major driving force for the growth of the plastic screw closures
segment in Brazil.
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Asia
Pacific Largest Region in Global Caps and Closures Market
While
Latin America is set to be the fastest growing region in the global
caps and closures market, Asia Pacific is currently its largest
region. Experts believe that the current rate of growth in terms of
revenue and volume is expected to help Asia Pacific retain its
leading position in the global caps and closures market. The region
is propelled by an increase in demand for screw closures in the dairy
industry, especially in India, Japan, and China. The growing number
of Asia Pacific consumers of bottled water and fruit drinks is also
boosting the global caps and closures market.
Beverage
Caps and Closures Dominate Global Market
The
shift from unpackaged to packaged goods is creating a growth in
demand from the global caps and closures market in developing
regions. These regions have shown a high preference to beverages that
use caps and closures that will extend the product’s longevity, and
ensure the taste and safety of the beverage. On the other hand,
plastic screws dominate the beverage closures segment due to their
high rate of use in major drinks, condiments, and dressings.
The
top companies operating in the global caps and closures market are
Crown Holdings, Inc., Bericap, Global Closure Systems, and Siligan
Holdings, Inc
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